Royal Dutch Shell signed a deal with Iraq in late January worth USD11 billion to build a petrochemicals plant in the southern oil hub of Basra, boosting the country's aim to become a major regional energy player and diversify its income. The Nibras complex, which is expected to come online within five to six years, would make his country the largest petrochemical producer in the Middle East. Iraq, which relies on oil for more than 90% of its revenue, has been hit hard by the steep fall in global oil prices since June, with Brent crude now hovering around USD50 a barrel. The factory would produce 1.8 million tons of petrochemical products per year. Shell is one of the main major oil companies operating in south Iraq, operating the Majnoon oilfield and leading the Basra Gas Company joint venture. It signed a memorandum of understanding with the ministry for the Nibras project in 2012.